x CY18E EV/uFCF (adjusted for SBC) given its 20% uFCF CAGR (FY19-22E). - This compares to peers Palo Alto Networks (39x), Fortinet (19x) and Check Point Software (18x), all of whom are more geared to the slowing Network security market and have lower FCF growth. ■ Catalysts: launch of fully Al based next gen

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